PHYSICAL VERIFICATION OF FIXED ASSETS - OFFICE ASSETS
Periodical Physical verification of Fixed Assets is requiered to carry out in order to ensure that the books of accounts continue to reflect the correct value of fixed asset and assets that do not exist are timely written off from the records.
We undertake comprehensive physical verification of Fixed Assets covering states of Delhi & NCR, Maharashtra, Gujrat, Rajasthan, UP, Himachal Pradesh, Karnataka (Bangalore), Andhra Pradesh, Orissa, Goa.
Scope of Physical verification of office assets consists of verification of computers, printers, peripherals, desktops, furniture and fixture, office equipments and intangible assets. Third party assets and leasehold improvements are generally kept outside the scope of physical verification of assets.
Following challenge are faced by the verifying team during physical verification of Assets:
Identification of assets, especially old assets
Assets in transit
Assets with users
Verification approach under different situation:
Assets acquired during the year or improvements done during the year should be verified on the basis of purchase orders, invoices, material receipt notes, and title deeds.
Self-developed fixed assets and capital work-in-progress should be verified by reference to work-order records, contractor bills etc.
Land and buildings ownership should be verified by examining the title deeds.
The authorisation procedure for procurement of assets
Sales process such as calling for quotations etc.
Adjustments to the account of the asset
Accounting for the proceeds of the sale and
Adjustment for the gain or loss on the sale.
Accounting of foreign exchange gain or loss.
We help clients reconcile the output of the verification exercise with existing records. A process that links the asset values in the existing records and the assets tagged at each location is carried out.
Our Experience with various companies has enabled us to develop the process with which the activities can be done in a very optimum time for the required result. We assist many corporate in managing and reconciling their fixed asset database. We undertake complete physical verification and affix bar coded tags on each type of assets available.
Mail us at firstname.lastname@example.org to find out more about our services and how we can help to efficiently manage the fixed assets.